In many economic situations, the incentives of individual agents are not aligned with the objective of attaining aggregate economic efficiency, or the maximisation of social welfare. Such situations often lead to market failures that are characterised by environmental degradation or the overexploitation of natural resources.
This course analyses the economic principles underlying the design of efficient environmental policies and the optimal management of natural resources. It identifies conditions under which market failures lead to environmental degradation or to the overexploitation of natural resources, and discusses economic policies that can counteract such market failures. Such policies include imposing taxes on certain economic activities, or allocating property rights that allow these activities to be undertaken. If property rights—which may take the form of pollution permits, or individual quotas for the harvesting of natural resources—are transferable between agents, the trade of property rights between self-interested agents yields economic efficiency as a market-based outcome.
Learning Outcomes
Upon successful completion, students will have the knowledge and skills to:
- demonstrate an understanding of how various market failures may lead to environmental degradation or the overexploitation of natural resources;
- use economic modelling to evaluate various approaches to the design of efficient environmental policies and of rules for the optimal management of natural resources;
- construct and analyse simple dynamic models of natural resource management.
Indicative Assessment
- Assessment may consist of a Final Exam, mid-semester exam(s), quizzes, assignments or some combination thereof. See the Class Summary for details. (100) [LO 1,2,3]
The ANU uses Turnitin to enhance student citation and referencing techniques, and to assess assignment submissions as a component of the University's approach to managing Academic Integrity. While the use of Turnitin is not mandatory, the ANU highly recommends Turnitin is used by both teaching staff and students. For additional information regarding Turnitin please visit the ANU Online website.
Workload
130 hours in total over the semester consisting of lectures, tutorials and private study time.
Inherent Requirements
Not applicable
Requisite and Incompatibility
Prescribed Texts
See Class Summary
Fees
Tuition fees are for the academic year indicated at the top of the page.
Commonwealth Support (CSP) Students
If you have been offered a Commonwealth supported place, your fees are set by the Australian Government for each course. At ANU 1 EFTSL is 48 units (normally 8 x 6-unit courses). More information about your student contribution amount for each course at Fees.
- Student Contribution Band:
- 34
- Unit value:
- 6 units
If you are a domestic graduate coursework student with a Domestic Tuition Fee (DTF) place or international student you will be required to pay course tuition fees (see below). Course tuition fees are indexed annually. Further information for domestic and international students about tuition and other fees can be found at Fees.
Where there is a unit range displayed for this course, not all unit options below may be available.
| Units | EFTSL |
|---|---|
| 6.00 | 0.12500 |
Course fees
- Domestic fee paying students
| Year | Fee | Description |
|---|---|---|
| 2023 | $4560 | Standard Rate |
| 2023 | $3600 |
Grandfathered Rate*
*continuing students in nominated programs only. See fee website |
- International fee paying students
| Year | Fee |
|---|---|
| 2023 | $5820 |
Offerings, Dates and Class Summary Links
ANU utilises MyTimetable to enable students to view the timetable for their enrolled courses, browse, then self-allocate to small teaching activities / tutorials so they can better plan their time. Find out more on the Timetable webpage.
Class summaries, if available, can be accessed by clicking on the View link for the relevant class number.
Second Semester
| Class number | Class start date | Last day to enrol | Census date | Class end date | Mode Of Delivery | Class Summary |
|---|---|---|---|---|---|---|
| 7384 | 24 Jul 2023 | 31 Jul 2023 | 31 Aug 2023 | 27 Oct 2023 | In Person | View |
